MNI China Daily Summary: Friday, April 26

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CPI Slightly Firmer Than Consensus But Still Below SNB F'cast

SWITZERLAND DATA
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Swiss February headline CPI came in slightly firmer than expected at +1.2% Y/Y (vs +1.1% cons; +1.3% prior) and 0.6% M/M (vs +0.5% cons; +0.2% prior). The core rate came in at 1.1% Y/Y (vs +1.0% cons; +1.2% prior).

  • Looking at individual components, goods inflation decelerated on a yearly basis, coming in at +0.1% Y/Y (vs +0.4% prior). The disinflation was all driven by non-duarbles, which printed +0.9% Y/Y, vs +1.4% in January. Services inflation stayed consistent at +1.9% Y/Y, with private services inflation increasing +0.1pp to 2.2% Y/Y and public services disinflated -0.1pp to +0.6% Y/Y.
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Swiss February headline CPI came in slightly firmer than expected at +1.2% Y/Y (vs +1.1% cons; +1.3% prior) and 0.6% M/M (vs +0.5% cons; +0.2% prior). The core rate came in at 1.1% Y/Y (vs +1.0% cons; +1.2% prior).

  • Looking at individual components, goods inflation decelerated on a yearly basis, coming in at +0.1% Y/Y (vs +0.4% prior). The disinflation was all driven by non-duarbles, which printed +0.9% Y/Y, vs +1.4% in January. Services inflation stayed consistent at +1.9% Y/Y, with private services inflation increasing +0.1pp to 2.2% Y/Y and public services disinflated -0.1pp to +0.6% Y/Y.